Primo Brands (PRMB) shares are up 3.55% YTD but pulled back well off early April highs recently with key support at $31.40 and saw an unusual options trade sell 1000 October $32.5 puts to open for $2.45, a name with 39,000 short Oct. $40 calls in open interest as well. Primo Brands Corporation operates as a branded beverage company with solutions through water dispensers, direct delivery of refillable/reusable bottles, pre-filled Water exchange program, and water filtration appliances, as well as operates self-service water refill stations. The company has a portfolio of packaged branded beverages under the Poland Spring, Pure Life, Saratoga, Mountain Valley, Arrowhead, Deer Park, Ice Mountain, Ozarka, and Zephyrhills brands; purified brands, including Primo Water and Sparkletts; and flavored and enhanced brands, such as AC+ION and Splash Refresher. PRMB has a $12B market cap and trades 17.4X Earnings, 10.3X EBITDA and 46.85X FCF putting valuation near the low-end of its historical range and topline growth seen improving through FY26. PRMB recently priced a large 47.5M spot secondary offering at $32.20. PRMB is seen as well positioned to benefit from tailwinds such as water quality concerns, health trends, and premiumization. Primo Brands’ portfolio of regional spring water and national purified water brands has been announced as the Official Water of Major League Baseball. PRMB spoke at a BMO Conference on May 18^th, and is focused on integrating its recent merger, driving synergies, and optimizing its portfolio to achieve sustainable growth in the bottled water market. The company is focused on volume-driven growth and is aiming for a long-term margin target of 25%. The bottled water category is growing, along with energy drinks, protein shakes, and plant water. Consumers are shifting from municipal tap water to bottled water due to concerns about water quality. There is a decrease in alcohol consumption, with consumers becoming more health-conscious. Bottled water is a $30 billion market in America, with potential for further growth. Primo Brands is in the early stages of executing a growth plan leveraging water category tailwinds, portfolio strength, and margin expansion opportunities. The company has a robust cash flow profile and is deleveraging its balance sheet.